§ 6-3.1-13-8 — "Related member"

Indiana § 6-3.1-13-8

• Jurisdiction: Indiana
• Art. 3.1: STATE TAX LIABILITY CREDITS
• Ch. 13: Economic Development for a Growing Economy Tax

Text

As used in this chapter, "related member"
means a person that, with respect to the taxpayer during all or any
portion of the taxable year, is any one (1) of the following:
(1) An individual stockholder, or a member of the stockholder's
family enumerated in Section 318 of the Internal Revenue Code,
if the stockholder and the member of the stockholder's family own
directly, indirectly, beneficially, or constructively, in the
aggregate, at least fifty percent (50%) of the value of the
taxpayer's outstanding stock.
(2) A stockholder, or a stockholder's partnership, estate, trust, or
corporation, if the stockholder and the stockholder's partnership,
estate, trust, or corporation owns directly, indirectly, beneficially,
or constructively, in the aggregate, at least fifty percent (50%) of
the value of the taxpayer's outstanding stock.
(3) A corporation, or a party related to the corporation in a
manner that would require an attribution of stock from the
corporation to the party or from the party to the corporation under
the attribution rules of Section 318 of the Internal Revenue Code,
if the taxpayer owns directly, indirectly, beneficially, or
constructively at least fifty percent (50%) of the value of the
corporation's outstanding stock.
(4) A component member (as defined in Section 1563(b) of the
Internal Revenue Code).
(5) A person to or from whom there is attribution of stock
ownership in accordance with Section 1563(e) of the Internal
Revenue Code except, for purposes of determining whether a
person is a related member under this subdivision, twenty percent
(20%) shall be substituted for five percent (5%) wherever five
percent (5%) appears in Section 1563(e) of the Internal Revenue
Code.

Legislative History

As added by P.L.41-1994, SEC.1.